USDINR
After one day holiday ,The Domestic Unit (Rupee) likely to commence Friday session within range between 73.40 – 73.50 levels as greenback held steady near week highs after the U.S. Labor Department reported higher producer prices in April, further evidence that inflation is rising in the United States.
Day Trend: - Bearish trend intact with oversold territory.
INTRADAY RANGE – 73.25 (73.40 – 73.52) 73.64
GBPUSD
The price may pull back towards the $1.41 before it continues a bearish trend. Further increase in the Bulls’ momentum may break up the resistance level of $1.40 which may lead the price to $1.41 and $1.42.
Day Trend: - Trend Changing (Bullish to Bearish).
INTRADAY RANGE – 1.4161 (1.4086 – 1.4011) 1.3936
DIGITAL CURRENCY
The Hong Kong Monetary Authority recently conducted tests with the Digital Currency Institute of the People’s Bank of China, involving a bank designated by the mainland authority, as well as merchants and bank staff.
China has been expanding trials in major cities like Shenzhen, with wider adoption planned for the Winter Olympics in Beijing next year. Cross-border use of the digital Yuan would be an important step toward global adoption of the currency for financial transactions.
CRUDE OIL
Oil prices tumbled more than 3% on Thursday for their worst loss in a month after a key pipeline for U.S. fuel reopened from a cyber-attack, erasing gains from earlier in the week helped by a squeeze in gasoline supplies.
India’s furious Covid situation, which was infecting more than 350,000 people a day and killing over 4,000, added to the downward pressure on oil which counts on the country as its third largest consumer.
Comments